Devon Energy Provides Hurricane Harvey Production Update

Devon Energy Corp. reported that it has restored production to pre-storm levels across its U.S. operations following Hurricane Harvey.

As a precautionary measure for Hurricane Harvey, the company temporarily suspended operations and shut-in production across its entire Eagle Ford position in south Texas. Devon produces approximately 60,000 oil-equivalent barrels (Boe) per day in the Eagle Ford, and post-storm inspections indicated that Devon’s producing assets and facilities sustained minimal damage. The company has now resumed production from all producing pads in the Eagle Ford.

Additionally, temporary storm-related limitations in downstream petrochemical capacity across the Gulf Coast region curtailed production in select areas of Devon’s U.S. operations. Many critical third-party petrochemical facilities across the Gulf Coast region have now restarted and are in the process of ramping up to pre-storm capacity.

In aggregate, Devon estimates the total impact of Hurricane Harvey to reduce its net liquids production in the Eagle Ford and select areas of the U.S. by 15,000 barrels per day in the third quarter of 2017 (approximately two-thirds oil). The company expects this one-time production impact to be confined to the third quarter and it represents one-half of 1 percent of Devon’s total expected volumes for the full-year 2017.